Hot off the press: Majesco on what small businesses want

IT services provider Majesco has just complied a report titled “The Rise of the Small-Medium Business Insurance Customer:  Shifting Views and Expectations. Is Your Business Ready?”, where it captured the views and expectations of small businesses.

A la ‘smile you’ve been covered’, the report mentions: Ask Kodiak, Bolt, Bunker, Cover Your Business, Starr Insure, Bunker, Trym and other commercial insurance brands Coverager tracks here.

 

Fast five below.

1. In the #s.

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Nearly 80% of businesses in the US have less than 10 employees, making this group an enormous market for commercial and group insurance .

 

2. 40 is the new 20.

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The average age of a successful startup owner today is 40 .

 

3. The smaller the business, the harder to research, buy or service insurance

EaseofDoingBiz

 

4. The smaller the business, the less loyal it is

Majesco_Loyalty

 

Cue: insurance is a commodity. That’s my take.

 

5. “Easy is not a term SMBs use to describe insurance” 

Because sometimes it’s good to state the obvious. This is the gist of the report.

 

Bonus. Agents Rule.

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Agents and brokers continue to be the dominant channel for insurance purchases, followed by insurers.

Access the full report here.